The entire world is doing bad, but China is in a favorable position to almost anyone because they actually produce and export a lot. Also, their debt isn't to the magnitude of what everyone else's is. Their debt is something like 19-20% of GDP compared to the US's debt which is 103% of GDP. lolwut.

More than a shortage of resources and an excess of consumption, the debt and subsequent reduction in financial instruments available to the middle and lower classes has been caused by an increase of debt used to bail out banks.

Since the financial collapse in 07/08, there has been a total of like $23 Trillion dollars dumped into the financial markets. The problem is that instead of lending that money to the people, the banks are lending that money back to the government at close to 0% interest.